When Dogecoin comes into the cryptocurrency market, everyone despises it. They say this is a parody that is heading nowhere. For some time, critics are right. Nothing comes out of the digital currency. Things will change fast as time flows. As the bitcoin continues to gain exposure, DOGE is also increasing. Above, this is making the parody coin popular. Today, the digital coin has a market cap of more than $2 billion. The altcoin hits this new mark on Sunday.
Many people are now raising questions. They wonder how this digital currency is making it. The coin’s higher market cap is worrying critics the most. Experts say that the rise of the coin and other alternative coins has reasons. These experts say that the reason is simple. Most people perceive that altcoins are cheap. This perception makes users transact more of these alternative coins.
See How Dodgecoin Broke The $2 Billion Market Cap
Above all, this is a significant reason for the spectacular performance of the DOGE. Many people out there believe in BTC or ether. But they do different things. When it comes to real exchanges, they use alternative coins. Although the DOGE market cap is at its highest, it worries investors. One of the founders of this parody coin says that it is bothering him. What concerns this man is that the token rise is good. But he says the world should beware of what this will result. According to him, there will be an excess in the market. If that happens, the value will decrease.
Will People Stop Using DOGE And Move To Other Currencies?
In the end, according to the founder, people will stop transacting. And that will be the end of the alternative coins. So, for him, there is nothing to smile about yet. It is shocking to see how the coin’s market cap is growing fast. It is almost two weeks ago when the currency hit $1 billion. Twelve or so days later, the coin’s market cap doubles. It now stands at a whopping $2 billion.
Coin Desk Has An Interesting Opinion
According to CoinMarketCap, the coin is $1 billion in the market cap on Christmas Day. Fifteen days later, on Sunday, January 8, 2018, it is at $2 billion. Above all, this shows that there are chances of it hitting even higher. As 2017 comes to a close. The DOGE rises more than 400 percent. Also, this is a significant percentage rise within a month. But the Dogecoin is not alone in this latest increase. On Monday, many alternative coins are riding high. Coin Desk says that there are 43 digital currencies with over $1 billion.
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Is Dogecoin Is The Leading Digital Currency?
The leading digital currency bitcoin is trading at $15, 768.43 on Monday. The coin has a whopping $264 billion as its market cap. Dogecoin is not the first one of the altcoins to hit it up. Ether, a major alternative currency is doing wonderfully. There is news everywhere when it trades at $1, 000 on Thursday.
By trading at $1, 000 for the first day, the coin rises by 35, 000 percent. This jump is only for 12 months. There are three ways to get the Dogecoin. You can get it from an online exchange, or someone tips you. The other conventional method is to mine it.